Scott Hanton, Condo Expert for Buyers & Sellers

The Toronto real estate market has been on an upward trend for many years, with a significant increase in demand for both single-family homes and condominiums. In the past five years, the market has seen significant growth, making it an excellent time to buy a condo in Toronto and the Greater Toronto Area (GTA). In this report, we will examine the sales data from the past five years and discuss why 2023 is the perfect time to buy a condo in Toronto and the GTA.

Sales Data from the Past Five Years The Toronto real estate market has seen significant growth in the past five years, particularly in the condo market. In 2018, there were 23,410 condo sales in the GTA, with an average selling price of $515,000. In 2019, there were 25,196 condo sales, with an average selling price of $562,000. In 2020, there were 21,614 condo sales, with an average selling price of $584,000. The market experienced a slight slowdown in 2020 due to the COVID-19 pandemic, but it rebounded quickly in 2021. In 2021, there were 29,045 condo sales, with an average selling price of $635,000. In January and February 2022, there were 5,463 condo sales, with an average selling price of $695,000.

Why 2023 is the Perfect Time to Buy a Condo in Toronto and the GTA There are several reasons why 2023 is the perfect time to buy a condo in Toronto and the GTA.

1. Low Mortgage Rates Mortgage rates have been at historic lows in recent years, and they are expected to remain low in 2023, even with the recent increases. Low mortgage rates make it more affordable to buy a condo and can help you get a better deal on your mortgage.
2. Market Stabilization After a few years of rapid growth, the condo market in Toronto and the GTA is stabilizing. This means that the market is becoming more balanced, with less extreme price increases and a more stable supply of condos. This is good news for buyers, as it means you are less likely to get caught up in a bidding war or have to pay over asking price.
3. More Supply Developers are still building new condo projects in Toronto and the GTA, which means there will be more supply in 2023. This increased supply can help keep prices more affordable and provide more options for buyers.
4. Desirable Locations There are many desirable locations for condos in Toronto and the GTA, with many new developments located in walkable, transit-friendly neighborhoods. These locations are perfect for buyers who want to be close to the action and have easy access to all that Toronto has to offer.
5. Affordable Entry Point Compared to single-family homes, condos are a more affordable entry point into the Toronto real estate market. This makes them an excellent choice for first-time buyers who may not have the budget for a house.
6. Potential for Appreciation While past performance is no guarantee of future results, the Toronto real estate market has historically seen significant appreciation over time. This means that if you buy a condo in 2023, there is a good chance it will appreciate in value over the years.

Advice for Buyers If you are planning to buy a condo in Toronto or the GTA in 2023, there are a few things you should keep in mind. First, work with an experienced real estate agent who can help you navigate the market and identify properties that meet your needs and budget. Second, get pre-approved for a mortgage before you start your search. This will help you know your budget and avoid disappointment when it comes to making an offer. 

Over the past 50 years, the Toronto real estate market has undergone significant changes, and the volume of condo listings has been no exception. Beginning in the 1970s, the development of high-rise condominiums in Toronto began to gain momentum, and today, condos have become a ubiquitous feature of the city's skyline. In this article, we will examine the changes in Toronto's condo market over the past half-century and how they have impacted the volume of condo listings.

During the 1970s, Toronto experienced a surge in demand for high-density housing options, driven in part by a growing population and the need to accommodate an influx of new residents. Developers responded to this demand by constructing a range of high-rise condominiums throughout the city. These early condo developments were often located in central areas, close to major transportation hubs, and offered a range of amenities, including pools, fitness centers, and parking garages.

The 1980s saw continued growth in the condo market, with the construction of several new high-rise buildings. However, the market was not without its challenges, as interest rates were high, making it difficult for buyers to secure financing. As a result, demand for condos was somewhat constrained, and the volume of condo listings remained relatively low.

The 1990s saw a resurgence in the condo market, as interest rates began to decline and the economy began to recover from a recession. This led to a significant increase in demand for condos, and developers responded by building new projects throughout the city. As the decade progressed, the volume of condo listings continued to grow, and high-rise buildings became a more prominent feature of Toronto's skyline.

In the early 2000s, Toronto's condo market experienced another surge in demand, driven in part by a growing number of young professionals who were attracted to the city's vibrant downtown area. As the population of the city continued to grow, developers responded by building even more high-rise condos, many of which were located in popular neighborhoods such as Liberty Village and King West.

By the late 2000s, the volume of condo listings in Toronto had reached unprecedented levels, with new developments springing up throughout the city. However, this rapid growth came with its own set of challenges, as concerns grew over the sustainability of such a rapid pace of development. Some experts warned of a potential condo bubble, and others expressed concern over the potential impact on Toronto's already crowded infrastructure.

In the years since, the volume of condo listings has continued to grow, but at a somewhat slower pace. Developers have focused more on mid-rise and low-rise developments, as well as repurposing existing buildings for condo use. This has helped to address some of the concerns around the sustainability of Toronto's condo market while still offering a range of housing options to buyers.

Today, Toronto's condo market remains strong, with a diverse range of listings available across the city. While the volume of condo listings has fluctuated over the past 50 years, reflecting changes in demand and market conditions, condos have become a permanent fixture of Toronto's real estate landscape. 

Whether you are a first-time homebuyer, a young professional looking for a convenient downtown location, or an investor looking to diversify your portfolio, Toronto's condo market offers a wealth of options.

Buying a condo in Toronto as a first-time buyer on a tight budget can be a challenging experience. With the high cost of living and housing in Toronto, it can be difficult to find a condo that meets both your needs and your budget. In this essay, we will discuss the experience of buying a condo in Toronto for first-time buyers on a tight budget and provide some tips to help make the process smoother and more manageable.

Firstly, it is essential for first-time buyers to set a budget and stick to it. This budget should take into account all of the costs associated with buying a condo, including the down payment, closing costs, and ongoing expenses such as mortgage payments, property taxes, and maintenance fees. It is important to be realistic about what you can afford and not to stretch yourself too thin financially. Being pre-approved for a mortgage can also help you determine a realistic budget and give you a better understanding of the type of condos you can afford.

Secondly, it is important for first-time buyers to consider the location of the condo. Condos located in the downtown core of Toronto are typically more expensive than those located in the suburbs or further away from the city centre. While it may be tempting to purchase a condo in a trendy neighbourhood, it may not be feasible for those on a tight budget. Instead, consider neighbourhoods that are up-and-coming or those that are undergoing revitalization. These neighbourhoods may offer more affordable condos without sacrificing location or accessibility.

Thirdly, it is essential for first-time buyers to work with a knowledgeable and experienced real estate agent who specializes in condos. A terrific real estate agent can help you navigate the complex condo market in Toronto and provide you with insights and advice on available properties, neighbourhoods, and market trends. They can also assist in negotiating the purchase price and terms of the agreement. Working with a champion real estate agent can help first-time buyers make informed decisions and avoid costly mistakes.

Fourthly, it is important for first-time buyers to be realistic about the size and features of the condo they can afford. While it may be tempting to aim for a large or luxurious condo, these units may be out of reach for those on a tight budget. Instead, consider smaller or more modestly sized condos that still meet your needs. Also, consider condos that may require some updates or renovations. These condos may be more affordable and offer the opportunity to add value and personalize the space over time.

Fifthly, it is important for first-time buyers to research and understand the fees associated with owning a condo in Toronto. These fees can include maintenance fees, property taxes, and special assessments. Maintenance fees can vary greatly depending on the building and its amenities, so it is important to review the condo corporation's financial statements to understand the level of fees and any potential increases in the future. Property taxes can also vary depending on the location and size of the condo. Special assessments may also be charged to cover unexpected or non-budgeted expenses, so it is important to understand the condo corporation's reserve fund and contingency plan.

Finally, it is important for first-time buyers to be patient and not rush into a purchase. The Toronto condo market can be competitive and fast-paced, but it is important to take the time to consider all options and make an informed decision. Viewing multiple properties and attending open houses can help you get a better understanding of the market and what is available within your budget. It is also important to have a solid understanding of the purchase process, including the offer and negotiation process, closing costs, and any potential issues that may arise.

In conclusion, buying a condo in Toronto as a first-time buyer on a tight budget can be a challenging experience. However, by setting a realistic budget, considering the location, working with a knowledgeable and perfect real estate agent, being realistic about the size and features you can afford, will help the condo buying process in Toronto go smoothly.

When it comes to buying a condominium in Toronto, one of the key decisions that buyers must make is whether to opt for an older or newer unit. There are pros and cons to both choices, and buyers should consider their priorities and preferences carefully before making a decision. In this article, we will explore the pros and cons of buying an older condominium versus a newer condominium unit in Toronto.

Pros of Buying an Older Condominium:

1. Established Neighbourhood: Older condominium buildings are often located in established neighbourhoods with mature trees and landscaping. This can be a big draw for buyers who value a sense of community and a connection to the past.
2. Larger Units: Older condominium units often offer more square footage than newer units, which can be a big plus for buyers who value space and room to spread out.
3. Lower Purchase Price: Older condominium units are often priced lower than newer units, making them a more affordable option for budget-conscious buyers.
4. Unique Design: Older condominiums often have unique design features that are not found in newer buildings. This can include details like ornate plasterwork, high ceilings, or historic architectural elements.
5. Lower Condo Fees: Older buildings often have lower condo fees than newer buildings, as they may not have as many amenities or require as much maintenance.

Cons of Buying an Older Condominium:

1. Maintenance and Repair Issues: Older buildings may require more maintenance and repair work than newer buildings, as they may have outdated plumbing, electrical systems, and heating/cooling systems.
2. Outdated Amenities: Older buildings may not offer the same amenities as newer buildings, such as a fitness centre, pool, or rooftop terrace.
3. Difficulty Reselling: Older buildings may be more difficult to resell than newer buildings, as they may not appeal to buyers who are looking for modern design features and amenities.
4. Noise and Soundproofing: Older buildings may not have the same level of soundproofing as newer buildings, which can be a concern for buyers who value peace and quiet.
5. Higher Maintenance Fees: While older buildings may have lower condo fees, they may require more maintenance and repairs over time, which can lead to higher fees down the road.

Pros of Buying a Newer Condominium:

1. Modern Amenities: Newer condominiums often offer modern amenities such as a fitness centre, pool, and rooftop terrace. These amenities can be a big draw for buyers who value convenience and luxury.
2. Energy Efficiency: Newer buildings are often built with energy-efficient systems and materials, which can help to lower utility bills and reduce the building's carbon footprint.
3. Warranty: Newer buildings often come with a warranty, which can provide buyers with peace of mind and protection against any construction defects or issues that arise within the first few years of ownership.
4. Customization: Buyers of newer condominiums may have the opportunity to customize their unit with finishes and upgrades, which can allow them to create a space that reflects their personal style and preferences.
5. Low Maintenance: Newer buildings require less maintenance and repair work than older buildings, as they are built with modern materials and systems that require less upkeep.

Cons of Buying a Newer Condominium:

1. Higher Purchase Price: Newer condominiums are often priced higher than older units, which can be a concern for buyers on a tight budget.
2. Smaller Units: Newer condominiums often offer less square footage than older units, which can be a disadvantage for buyers who value space and room to spread out.
3. No Established Neighbourhood: Newer buildings may not be located in established neighbourhoods with mature trees and landscaping, which can be a drawback for buyers who value a sense of community and history.
4. Limited Design Features: Newer buildings may not offer the same unique features.

Overall, lots to consider when purchasing a condo and searching through Toronto condo listings.

For many individuals, purchasing their first Toronto condo is an exhilarating experience. This milestone marks a significant step towards independence and a sense of accomplishment. As first-time buyers embark on the journey to find their perfect home, there are several things to consider that can make the search process both exciting and fulfilling. In this article, we will discuss some of the reasons why first-time condo buyers feel excited when they start searching for a condo to purchase.

The Freedom of Homeownership

For most people, owning a home is a dream come true. It means you have a place that is truly yours, and you have the freedom to customize and decorate it as you please. When you own a condo, you have the added benefit of owning a portion of a larger building or complex, which means you get to enjoy shared amenities like a gym, pool, or rooftop terrace.

First-time buyers in Toronto often feel excited at the prospect of having their own space to call home. It's a space where they can create their own sanctuary, reflect their personal style, and have the freedom to make changes without worrying about a landlord's approval. The ability to customize and design your space to your liking is a significant aspect that adds excitement and a sense of fulfillment.

The Search for the Perfect Toronto Home

Searching for a Toronto condo is an exciting adventure that can be both time-consuming and rewarding. It involves touring various properties, researching the surrounding neighbourhood, and evaluating the condo's features and amenities. As Toronto first-time buyers explore different properties, they begin to develop a sense of what they are looking for and what is essential to their lifestyle.

The search process allows buyers to weigh various options and find a home that meets their needs and budget. Whether it's a specific location, building amenities, or a particular layout, the search for the perfect home can be an exciting and rewarding experience.

The Joy of Investing in Toronto Real Estate

Buying a Toronto condo is also an investment that can bring significant returns in the future. With the right research and due diligence, buyers can secure a property that will appreciate in value over time, providing them with a valuable asset that they can leverage for future financial gain.

The excitement of investing in real estate also comes from the potential to earn rental income if buyers choose to rent out their condo. For many, this opportunity to generate passive income is a thrilling prospect, which can provide financial security and long-term benefits.

The Sense of Community

Condo living is unique because it offers residents the opportunity to live in a community setting where they can connect with other like-minded individuals. Shared amenities, like a pool or gym, allow residents to interact and build relationships with their neighbours.

First-time condo buyers are often excited about the sense of community that comes with condo living.

Many Toronto buyers appreciate the opportunity to form relationships with their neighbours and enjoy the social aspects of living in a complex or building. The community spirit can also provide a sense of security and support, particularly for those who are new to the area.

The Satisfaction of Achieving a Goal

Finally, the excitement of purchasing a Toronto condo comes from the satisfaction of achieving a significant life goal. For many, owning a home is a significant milestone that represents years of hard work and dedication.

When first-time Toronto buyers finally find the perfect Toronto condo and successfully close the deal, it can be an emotional and satisfying experience. It marks the beginning of a new chapter, one where they can put down roots, build a life, and create memories.

SPOTLIGHT ON CASA CONDOMINIUM

33 Charles St E is a condominium building located in the heart of downtown Toronto. The building was completed in 2010 and offers a variety of residential units, ranging from studios to two-bedroom units. 33 Charles St E is a popular building for both residents and investors due to its prime location, modern amenities, and sleek design.

Location: The building is located just steps away from Yonge Street, one of Toronto's busiest streets. This central location provides easy access to public transportation, including the Yonge-University subway line, and a variety of shops, restaurants, and entertainment options. The building is also located near some of Toronto's most popular neighborhoods, including Yorkville, which is known for its high-end shopping and dining, and Church-Wellesley Village, which is known for its vibrant LGBTQ+ community.

Design: 33 Charles St E is a modern and sleek building with a glass and steel exterior. The building stands at 47 stories tall and offers panoramic views of the city skyline. The building was designed by architects Alliance and was developed by Cresford Developments.

Units: The building offers a variety of residential units, ranging from studios to two-bedroom units. The units feature modern finishes, including hardwood floors, stainless steel appliances, and granite countertops. The units also feature large windows, which provide plenty of natural light and stunning views of the city.

Amenities: 33 Charles St E offers a variety of amenities for residents to enjoy. The building features a 24-hour concierge, a fitness centre, a yoga studio, and a party room. There is also a rooftop terrace, which offers stunning views of the city skyline and is the perfect place to relax or entertain guests.

Investment: 33 Charles St E is a popular building for investors due to its prime location and modern amenities. The building offers both short-term and long-term rental options, making it a great investment opportunity for those looking to generate rental income. The building is also a popular choice for students, as it is located near several universities and colleges, including the University of Toronto and Ryerson University.

Overall, 33 Charles St E is a popular and highly sought-after condominium building in downtown Toronto. Its prime location, modern amenities, and sleek design make it a great choice for both residents and investors alike.

SELLING PRICES FOR 1 BEDROOM CONDOS AT THE FOLLOWING BUILDINGS DURING JANUARY 2023:

Toronto condo building and recent Sold Price:

• 80 St Patrick St - $420,000.00
• 120 St Patrick St - $449,000.00
• 169 Fort York Blvd - $499,000.00
• 32 Camden St - $499,000.00
• 170 Fort York Blvd - $499,900.00
• 1 King St W - $518,000.00
• 270 Wellington St W - $518,800.00
• 69 Lynn Williams St - $525,000.00
• 69 Lynn Williams St - $549,000.00
• 75 Portland St - $549,000.00
• 12 York St - $559,800.00
• 775 King St W - $569,000.00
• 801 Bay St - $572,000.00
• 78 Tecumseth St - $574,000.00
• 168 Simcoe St - $574,900.00
• 32 Stewart St - $574,990.00
• 801 Bay St - $579,000.00
• 109 Wolseley St - $579,888.00
• 109 Wolseley St - $579,999.00
• 1029 King St W - $588,000.00
• 75 East Liberty St - $589,000.00
• 70 Temperance St - $589,900.00
• 25 Telegram Mews - $595,000.00
• 270 Queens Quay W - $597,000.00
• 65 East Liberty St - $598,000.00
• 111 Bathurst St - $598,999.00
• 330 Richmond St W - $599,000.00
• 1205 Queen St W - $599,000.00
• 629 King St W - $599,900.00
• 50 Bruyeres Mews - $599,999.00
• 1001 Bay St - $599,999.00
• 32 Stewart St - $609,000.00
• 15 Iceboat Terr - $609,900.00
• 19 Bathurst St - $619,000.00
• 87 Peter St - $619,000.00
• 426 University Ave - $628,000.00
• 1030 King St W - $629,000.00
• 21 Iceboat Terr N - $629,000.00
• 25 Stafford St - $629,000.00
• 1030 King St - $630,000.00
• 19 Grand Trunk Cres E - $638,000.00
• 955 Bay St - $639,000.00
• 15 Brunel Crt - $639,000.00
• 15 Iceboat Terr - $639,900.00
• 397 Front St - $639,990.00
• 12 Yonge St - $640,000.00
• 20 Minowan Miikan Lane - $649,000.00
• 508 Wellington St - $649,000.00
• 5 Hanna Ave - $649,900.00
• 19 Bathurst St - $650,000.00
• 101 Peter St - $655,000.00
• 19 Bathurst St - $658,800.00
• 14 York St - $659,900.00
• 5 Hanna Ave - $659,990.00

Searching for your first Toronto condo can be an exciting experience, but also a daunting one. With so many different neighborhoods, building types, and price ranges to choose from, it can be overwhelming for first-time buyers to navigate the vast landscape of condo listings online. However, despite the potential challenges, there are many reasons why the search for a Toronto condo can be an exciting and rewarding journey for first-time buyers.

First and foremost, one of the most exciting aspects of searching for a Toronto condo is the wide range of options available. Toronto is a vibrant and diverse city, with a rich cultural and architectural history. From the towering skyscrapers of the Financial District to the charming Victorian homes of the Annex, there is a wealth of different neighborhoods and building types to choose from. This means that first-time buyers have the opportunity to explore a variety of different styles and locations, each with its unique benefits and drawbacks.

One of the main benefits of searching for a condo in Toronto is the convenience and accessibility of the city. Toronto is a major economic and cultural hub, with a thriving arts scene, world-class restaurants, and a diverse range of recreational activities. For first-time buyers who value access to these amenities, a Toronto condo can provide the perfect location for a dynamic and fulfilling lifestyle.

Another exciting aspect of searching for a Toronto condo online is the ability to customize your search according to your specific needs and preferences. Many online listing platforms allow you to filter by a variety of different criteria, such as price range, neighborhood, building amenities, and more. This means that you can tailor your search to your specific needs and preferences, making it easier to find the perfect condo that meets all of your requirements.

Additionally, the online search process allows first-time buyers to get a better sense of the market trends and pricing for condos in Toronto. By browsing different listings and comparing prices, you can gain a better understanding of the value of different properties and what you can expect to pay in different neighborhoods. This can be an important factor for first-time buyers who are working with a limited budget and want to make sure they are getting the best value for their money.

Another exciting aspect of the online condo search process is the ability to view detailed photos and virtual tours of different properties. This can be particularly helpful for first-time buyers who may not have the opportunity to view a property in person before making an offer. By viewing detailed photos and virtual tours, you can get a better sense of the layout and features of a property, helping you to make a more informed decision.

Finally, the search for a Toronto condo can be an exciting opportunity to start building equity and investing in your future. While condos may not be as high of a return on investment as other forms of real estate, they can still provide a stable and predictable source of income over time. By purchasing a condo in Toronto, first-time buyers can start building equity in a rapidly growing market, which can provide significant benefits over the long term.

The search for a Toronto condo can be an exciting and rewarding journey for first-time buyers. With a wide range of different neighborhoods, building types, and price ranges to choose from, first-time buyers have the opportunity to explore a variety of different options and find the perfect condo that meets all of their needs and preferences. Additionally, the online search process allows buyers to customize their search and gain a better understanding of the market trends and pricing in different areas. By investing in a Toronto condo, first-time buyers can start building equity and investing in their future, making it a smart financial decision as well.

Selling a condo can be a significant decision for many homeowners. It requires careful consideration of various factors such as current market conditions, the state of the condo, and the homeowner's financial situation. Here are the top 10 things to do before deciding to sell your condo.

Determine Your Reason for Selling

Before you put your condo on the market, it's essential to have a clear understanding of why you want to sell. Are you moving to a new city or upgrading to a larger home? Or are you downsizing and looking to free up some equity? Understanding your motivation for selling will help you make informed decisions throughout the selling process.

Understand the Current Market Conditions

The real estate market is constantly changing, and it's crucial to be aware of the current conditions before you put your condo up for sale. Consider factors such as supply and demand, interest rates, and recent sales in your area. A real estate agent can provide you with valuable insight into market trends and conditions to help you make informed decisions.

Assess Your Condo's Condition

Before you put your condo on the market, it's crucial to assess its condition. Consider factors such as the age of the condo, any necessary repairs or upgrades, and the overall cleanliness and presentation of the unit. Addressing any necessary repairs or upgrades can help you maximize the sale price of your condo.

Get a Home Inspection

Getting a home inspection can help identify any issues that need to be addressed before selling your condo. An inspection report can give potential buyers peace of mind and help you avoid any surprises during the selling process. It's essential to address any issues identified in the inspection report before putting your condo on the market.

Declutter and Depersonalize

Before showing your condo to potential buyers, it's essential to declutter and depersonalize the space. Remove any unnecessary clutter or personal items that may distract potential buyers. A clean and organized space can help buyers envision themselves living in the condo and increase the likelihood of a sale.

Price Your Condo Appropriately

Pricing your condo appropriately is critical to attracting potential buyers and maximizing your sale price. A real estate agent can help you determine a fair price based on market conditions, recent sales in the area, and the condition of your condo. It's crucial to avoid overpricing your condo, as this can lead to a prolonged selling process and potentially lower sale price.

Hire a Real Estate Agent

A real estate agent can provide valuable insight and guidance throughout the selling process. An experienced agent can help you navigate the market conditions, price your condo appropriately, and market your property to potential buyers. They can also handle negotiations and paperwork, saving you time and stress.

Consider Staging Your Condo

Staging your condo can help make it more attractive to potential buyers. A professional stager can help you arrange furniture and decor in a way that highlights the best features of your condo. Staging can also help potential buyers envision themselves living in the space, making it more likely they will make an offer.

Prepare for Showings and Open Houses

Preparing for showings and open houses is essential to making a good impression on potential buyers. Ensure your condo is clean and well-presented, and consider adding small touches such as fresh flowers or a scented candle. It's also essential to be flexible with showing times and allow potential buyers to view the condo at their convenience.

Have a Plan for Moving Out

Finally, before putting your condo on the market, it's essential to have a plan for moving out. Consider factors such as your timeline for moving, any necessary repairs or cleaning, and your budget for moving expenses.